Who caused the high-tech, toxic mortgage debacle and the financial collapse? The brightest and best, as they did in Vietnam.

Brokerage firms, banks, hedge and equity fund operators and other financial institutions invested trillions of dollars of corporate (workers') pension funds and other savings of this nation following World War II. Hedge fund operators who earn $1.5 billion or more on borrowed, leveraged funds can pass losses back to banks and other lending institutions to be bailed out by government.

The ravishment of our wealthBy Edgar HordSpecial to the Star-BannerWho caused the high-tech, toxic mortgage debacle and the financial collapse? The brightest and best, as they did in Vietnam.Brokerage firms, banks, hedge and equity fund operators and other financial institutions invested trillions of dollars of corporate (workers') pension funds and other savings of this nation following World War II. Hedge fund operators who earn $1.5 billion or more on borrowed, leveraged funds can pass losses back to banks and other lending institutions to be bailed out by government.These great investors carry on their dealing through a series of corporate structures. They can put their losses into bankruptcy if they make poor choices. If they earn millions a year or more, they only pay 15 percent on capital gains. Last year, some hedge fund operators made more than $1 billion each.This nation's financial, economic and political problems are the outcome of those who had access to the nation's savings. They have gambled, by various techniques, on the stock and commodities markets and corrupted Congress and every state legislature. They have created offshore corporations to avoid paying taxes and avoid complying with financial, regulatory, safety standards, etc.Such flagrant conduct required an ongoing sales pitch in the media that government is incompetent, imposed regulations to which business objected and interfered with the capitalistic/free market system. It was necessary to discredit the New Deal philosophy of the Democratic Party, that government's function is to take those actions that protect and promote the general welfare of the American public from the ravishment that can be inflicted by a capitalistic society.This nation's wealthy embarked upon an ongoing campaign to disparage and demean such a philosophy. With control of the nation's wealth, they were able to assert control over the Republican Party and impose their heavy hand on the Democratic Party. Where great sums of money are to be gained, only government can protect the common man from the ravishment of wealth - but only if candidates are elected who promote active intervention of government to control the immoral, unethical and what should be illegal conduct to which this nation has been subjected.This nation's coming generations will not attain the economic success of their parents. The foundation for a democratic nation depends on the truthful dissemination of information. Private enterprise without government regulation and enforcement results in dishonesty, dirty tricks and corruption. Financial tyranny blossoms whenever it is not controlled.

The tax, regulatory, voting and election campaign financing systems need to be changed to eliminate the overwhelming power of those who control the nation's wealth from nullifying the Constitution and moral gains this nation has made.Edgar Hord is a retired lawyer for a major insurance company who lives in On Top of World.